Eagle Property Capital Makes Third Acquisition for its Fourth Fund
Company Release – 03/01/2019
Eagle Property Capital Makes Third Acquisition for its Fourth Fund
MIAMI, FL. –(BUSINESS WIRE)– Eagle Property Capital Investments, LLC (“EPC”) announced the acquisition of Landmark at Barker Cypress, a 312-unit multifamily property (the “Property”) located in Houston, TX. The Property was acquired by EPC Multifamily Partners IV, LLC (“Fund IV”), a private investment vehicle raised and managed by EPC. The Property represents the third acquisition for Fund IV.
Houston has one of the strongest fundamentals in the United States in terms of population, job growth and overall economic growth. Ranking 6th as the largest economy of the nation in terms of GDP, Houston is known as the Energy Capital of the World, but it is also home to: (i) one of the nation’s biggest healthcare clusters, including the largest healthcare complex (e.g. the Texas Medical Center); (ii) the Nasa Lyndon Johnson Space Center and one of the nation’s most relevant aerospace clusters; and (iii) the nation´s largest U.S. export port.
The Property is conveniently located within the Katy submarket, one of the most desirable Class A submarkets in the region, with excellent infill location and proximity to major transportation corridors, abundant employment, recreation, shopping and entertainment venues supporting a “Live, Work, Play” lifestyle. In addition, the Property is zoned to the acclaimed Katy independent school district (ISD), the fastest growing school district in the state of Texas serving over 73,000 students. The ISD was recently awarded the highest possible rating given by the Texas Education Agency.
The value-add business plan contemplates management improvements and the execution of a capital expenditure program to improve amenities, implement an interior upgrade program, enhance the exterior curb appeal, implement a water conservation program focused on common areas and pursue energy savings, among others.
The acquisition was partially financed by an agency mortgage loan with a ten-year fixed interest rate, utilizing Freddie Mac’s green financing program which provides better loan pricing for reduction in water/energy consumption at the Property by implementing green initiatives.
“EPC believes in the strong fundamentals of the Houston market and it is a city that has a perfect fit with our investment strategy and target demographic” said Rodrigo Conesa, Managing Principal at EPC. “Landmark at Barker Cypress is a quality asset with significant value enhancement opportunities in a highly desirable location in Houston that represents a great addition to our portfolio” Mr. Conesa continued.
About Eagle Property Capital Investments, LLC
Eagle Property Capital Investments is a vertically integrated real estate investment manager pursuing value add investment strategies through the acquisition, reposition, and management of multifamily apartment properties in Florida and Texas. Since 2011, EPC and its affiliates have acquired 24 multifamily residential properties containing over 5,400 apartment units.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which EPC and its investment vehicles operate, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantee of future performance and involve certain risks and uncertainties, which are difficult to predict.
Contact:
Eagle Property Capital Investments, LLC